AvidXchange acquires Core Associates to strengthen its position in the construction industry

By Pavithra R

AvidXchange, a FinTech provider of accounts payable (AP) and payment automation solutions for the middle market, has announced the acquisition of Core Associates, the makers of TimberScan and complementary AP solutions trusted by users nationwide.

Through the acquisition, AvidXchange is expected to become one of the foremost AP automation providers for the construction market, offering a complete purchase-to-pay solution for Sage 300 CRE (formerly Timberline), Sage 100 Contractor, Acumatica and Sage Intacct Construction accounting systems.

“There is no better way to start 2021 than by welcoming Core Associates customers, partners and employees to AvidXchange. With this acquisition, existing Core Associates users and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills,” said Michael Praeger, CEO and Co-Founder of AvidXchange. 

As an AvidXchange company, Core Associates will continue to offer TimberScan to help customers in the construction industry, including contractors, property managers and commercial developers, eliminate manual AP tasks and shift to electronic invoicing. The integration of TimberScan with AvidPay will benefit customers through fully automated processes from procurement through payment in a single solution, enabling greater efficiency and transparency coupled with the ability to approve invoices and payments from anywhere, at any time. 

“We’ve spent more than a decade committed to helping our customers simplify the way they process invoices and payments. Becoming an AvidXchange company gives us the opportunity to offer the only complete purchase-to-pay experience in the market, helping reduce what was previously a month-long process down to only two or three days using a single solution,” said Frank Grenci, CEO and Co-Founder of Core Associates.

All Core Associates’ customers will now have access to the AvidPay Network of 680,000 suppliers facilitating more efficient payment processing and give construction businesses multiple electronic payment options for suppliers. The support of AvidXchange’s live, hands-on supplier services team will assist contractors and developers in focussing more on jobs and less on back-office paperwork, reducing the need to spend time on manual tasks and maintaining supplier payment preferences.

Founded in the year 2000, AvidXchange provides automating invoice and payment processes for mid-market businesses. The company’s solution portfolio includes Purchase Order Software, Automated Invoice Management Software, Bill Payment Software, Check Printing Software, Utility Bill Management Software.